Superannuation funds have been placed on notice about the dangers of their telephone consultants drifting into their area of specific personal advice, with a fund ordered to compensate a member for the $16,275 excess contribution tax she had to pay.
A former dealer group head and current investment committee chairman believes the Royal Commission and the regulators have failed to identify the practices of some platform operators which appear to be clear breaches of the Future of Financial Advice rules and the best interest duty.
The Financial Planning Association has sought formal Financial Adviser Standards and Ethics Authority recognition of the Certified Financial Planner designation to lock in the two units of credit for CFP-holders.
The Association of Financial Advisers has warned that summarily ending grandfathered trailing commissions would create a legal/commercial quagmire which may end up benefiting the banks more than clients.
Financial planners face a total ban on trailing commissions attaching to superannuation if the Government accepts key elements of the Productivity Commission’s report into the competitiveness and efficiency of superannuation.